"Gas prices are lower today than they were when cab drivers received a fare increase in May of 2005," Reyes said after a City Council hearing Thursday, according to the Sun-Times.

And while the cost of living has increased by over 10 percent, lease rates "have not increased in over 14 years," she said.

But don't think Reyes has completely given up on the idea of raising fares.

"It's something we have to continue looking at," she remarked, the Chicago Tribune reports. "I will continue to work with the industry ... and make sure we are addressing the needs of the drivers and the consumers."